Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mills Center
Apartments, Inc. has elected not to use the 10-percent de minim us indirect cost rate allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity
of Mills Center Apartments, Inc., HUD Project No. 082-HD040-NP-L8, and is presented on the
accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because the Schedule presents only a selected portion of the operations of Mills Center
Apartments, Inc., it is not intended to and does not present the financial; position, changes in net
assets, or cash flows of Mills Center Apartments, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mills Center
Apartments, Inc. has elected not to use the 10-percent de minim us indirect cost rate allowed
under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Mills Center
Apartments, Inc. has elected not to use the 10-percent de minim us indirect cost rate allowed
under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mills Center
Apartments, Inc. has elected not to use the 10-percent de minim us indirect cost rate allowed
under the Uniform Guidance.
Mills Center Apartments, Inc. has received a U.S. department of Housing and Urban Development
Capital Advance under Section 811 of the National Housing Act. The capital advance outstanding at
the beginning of the year is included in the federal expenditures presented in the schedule. Mills
Center Apartments, Inc. received no additional capital advances during the year. The balance of the
capital advance outstanding at June 30, 2024, consists of: